"it" is raining .
hi there.
what does "it" implies in this sentence? does it implies "the rain " or " the time " or etc. .
I appreciate your assistance.

Question

"it"  is raining .
hi there.
what does "it" implies in this sentence? does it implies "the rain " or " the time " or etc. . 
I appreciate your assistance.

Answer

In this context, "it" is an impersonal pronoun.

More information here:
https://www.englishgrammar.org/impersonal-pronoun/

Answer

"it" just refers to the weather in general
The clouds are producing falling rain

Answer

'It' refers to the weather condition.  ie   It is windy or  It is cold.